Shenwan Hongyuan Securities·2025-06-28 13:49Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry, highlighting long-term investment value in leading traditional consumer companies after adjustments [2]. Core Insights - Traditional consumer companies have adjusted and now possess long-term investment value from a dividend and yield perspective. The report emphasizes the importance of identifying companies with long-term competitiveness and improvement potential [6]. - The white liquor sector faces significant pressure due to slow macro demand recovery and limited consumption scenarios, with key recommendations including Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao [6]. - In the mass consumer goods sector, cost advantages are expected to support profitability, with growth opportunities in emerging categories driven by new retail formats and consumer trends towards health and convenience [6]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector experienced a decline of 0.88% last week, with the liquor segment down 1.66%, underperforming the Shanghai Composite Index by 2.80 percentage points [5]. 2. Market Performance of Food and Beverage Sectors - The food and beverage industry underperformed the Shenwan A index by 4.34 percentage points from June 23 to June 27, with various sub-sectors also lagging behind [37]. 3. Industry Matters - The report highlights the need for patience in observing market conditions and potential changes in the industry fundamentals, particularly in the white liquor sector [7][8]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 18.16x, with a premium rate of 32%, while the liquor sector's dynamic PE is at 16.62x, with a premium rate of 21% [20].